Nabors Industries Ltd. (NYSE:NBR) had its target price lowered by investment analysts at Morgan Stanley from $10.00 to $9.00 in a note issued to investors on Monday. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective indicates a potential upside of 18.89% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Jefferies Group LLC set a $8.00 price objective on Nabors Industries and gave the company a “hold” rating in a research note on Friday. BidaskClub cut Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. BMO Capital Markets reissued a “hold” rating and issued a $8.00 price objective (down previously from $13.00) on shares of Nabors Industries in a research note on Thursday, July 13th. Zacks Investment Research cut Nabors Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, Wells Fargo & Company cut Nabors Industries from an “outperform” rating to a “market perform” rating in a research note on Friday, July 7th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have given a buy rating to the company. Nabors Industries has a consensus rating of “Hold” and a consensus price target of $14.73.

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Nabors Industries (NYSE NBR) traded down 6.74% during midday trading on Monday, reaching $7.06. The company’s stock had a trading volume of 6,190,873 shares. The firm’s market cap is $1.97 billion. The firm has a 50 day moving average of $7.87 and a 200 day moving average of $11.58. Nabors Industries has a 52-week low of $6.93 and a 52-week high of $18.40.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.35) by $0.03. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The firm had revenue of $630.50 million during the quarter, compared to analyst estimates of $589.79 million. During the same period last year, the business posted ($0.35) EPS. The company’s revenue was up 21.9% on a year-over-year basis. Analysts anticipate that Nabors Industries will post ($1.41) earnings per share for the current fiscal year.

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In other news, CFO William J. Restrepo bought 22,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was acquired at an average cost of $8.25 per share, with a total value of $181,500.00. Following the completion of the transaction, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at approximately $7,917,475.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.10% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new stake in Nabors Industries during the first quarter worth about $3,416,000. E&G Advisors LP purchased a new stake in Nabors Industries during the first quarter worth about $477,000. Viking Fund Management LLC purchased a new stake in Nabors Industries during the first quarter worth about $4,313,000. Louisiana State Employees Retirement System increased its stake in Nabors Industries by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 72,100 shares of the oil and gas company’s stock worth $942,000 after buying an additional 2,000 shares in the last quarter. Finally, Bollard Group LLC increased its stake in Nabors Industries by 15.5% in the first quarter. Bollard Group LLC now owns 308,363 shares of the oil and gas company’s stock worth $4,030,000 after buying an additional 41,433 shares in the last quarter. 98.65% of the stock is owned by institutional investors and hedge funds.

About Nabors Industries

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.